Wichita eagle., 1887-11-23
you lent money on western farms!
Oh What SrJ,,, in alp

you lent money on western farms.
ID What sum IN all?
Sd. On how many mortgages:
4th. How many have been paid:
9Th. What sum Is now outstanding!
9Th. On how many mortgages:
eth. What number of foreclosures
have you made.
Sth. What losses have you met:
9th. What number of foreclosures have
you pending at this date:
10th. What reduction has occurred In
the average rate of interest charged:
18th. Are there any signs OF disaster,
bankruptcy or loss disclosed by the pres
ent conditions:
18th. What comments have you TO
make.
In reply to these questions [ have re-
ceived ten communications covering q
term of years ranging from four to forty
eight. A summary of the replies, dlsre-
garding fractions, is as follows:
Number of mortgages, 200, goo.
Total amount loaned. $3.50, 200, 900.
Average per mortgage: 5000.
Already paid. $4,000 mortgages.
Amount outstanding, SO, 100000.
Number Of mortgages outstanding, 81,
000.
The total number Of foreclosures is not
given in all cases; in some the amount II
given. in others the number. By COM
putation on the average, the total num-
Der cannot exceed 1 900. In one or two
cases there has been a slight loss, but the
summary OF all the estimates of forclos-
ure gives profit on the foreclosure ac-
count.
Tie reduction in the rate OF interest
has beef, from 10 per cent. annual inter-
est and 10 per cent. commission on hive
wears mortgage TO an average Of d IL to
71-2 per cent. al the present time, with
out commission.
One of nv correspondents states that
the business in which his company Is en-
gagged has, to great extent, ceased IN
Ohio. Indiana and Illinois, and we might
also include Iowa: bntit is still conducted
farther west in Kansas, Nebraska, Da-
kota," etc. MANY of those to whom
loans We're first made are now lenders
through the same corporation"
Inreply to the eleventh question as to
loss. disaster, or bankruptcy, the answer
is that on the contrary the present con-
ditions indicate widespread and almost
universal prosperity"
As a specimen of the answers to the
ninth question, What number of fore
closures have you pending at this date:
| will give but one. This reply comes
from a corporation that has loaned $50
600. 900: 1--WE have two foreclosures
pending at this time. one at the soiIclta-
ton Of the heirs of the borrower for the
purpose of perfecting the title; the other
will be paid off before decree is reached.
1t was commenced because of the negii-
gence Of the borrower in the matter Of
his payments"
| have attempted to see if there was
any difference iii the conditions of the
wheat-growing sections and the corn
growing sections. bat | have falnd none.
| send this communication to you at
this time because | have not all the adj
dresses of the various corporations or
persons who are engaged IN this business,
and | shall be very glad to receive further
communications in order that the final
computation may cover the whole case.
1t will perhaps interest our friends in
England to compare the present condi-
ton of the tenant farmers OF Great
Britain. numbering without Ireland)
200, 600 freehold farmers who have estab-
hshed themselves on borrowed money
and whose experience is covered by the
data already obtained in this inquiry.
The result of my recent observation
and inquiry into the condition of
the English farm lands and the price at
which they now can be bought dur
ing the interval between the break
ing down of the present system of land
lord and tenant and the repossession Of
the land in the hands of the people more
capable OF using it under free conditions
is this-that greater profit can perhaps be
obtained on American capital if 1t should
be invested in English land under the
supervision Of a strong mortgage security
company, by whom q part of the capital
should be lent them in ordinary home
investments. Owing to the absence of
registration of titles IN England, wide
field might also be opened for a title in
surance company like those which are so
well established here. Titles could then be
registered by the insurance company and
policies issued by them. Thus the pur-
chaser and the mortgage would both be
protected. while the men of small means.
but most capable of putting lard to pro-
ductive use, would be enabled to become
owners. 1t is rather melancholy to see
improved land within fifty miles of Lon
don unstable at 800 or less an acre. and
some Of it going out of cultivation Why
it should be so IS too difficult problem
for d hasty traveller to solve.
EDWARD ATKINSON.
Boston, November 4.